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Essar Steel Algoma Finds Alternative Iron Ore Supplier
10/15/2015 - Essar Steel Algoma has found a new iron ore supplier and therefore is dropping its request for a restraining order against its previous supplier, Cliffs Natural Resources, the company has announced.
Essar Steel didn't identify the new supplier in its annoucement, but said it would be sourcing iron ore on an "interim" basis.
"We are focusing on the things we can control. We were able to source iron ore and we have taken these steps to assure our customers of continued supply. We will address the matter of Cliffs' breach of contract in due course," said Essar Steel Algoma CEO Kalyan Ghosh in a statement.
On 6 October Cliffs announced that it was terminating its taconite pellet supply agreement with Essar Steel, claiming that Essar had made "multiple and material breaches under the agreement."
Essar Steel responded by saying it would seek a restraining order against Cliffs.
The supply contract has been a source of contention between the two companies, with Cliffs having sued Essar, claiming that it has been in a continuous breach of the contract. Essar, meanwhile, has filed a counterclaim.
"We are focusing on the things we can control. We were able to source iron ore and we have taken these steps to assure our customers of continued supply. We will address the matter of Cliffs' breach of contract in due course," said Essar Steel Algoma CEO Kalyan Ghosh in a statement.
On 6 October Cliffs announced that it was terminating its taconite pellet supply agreement with Essar Steel, claiming that Essar had made "multiple and material breaches under the agreement."
Essar Steel responded by saying it would seek a restraining order against Cliffs.
The supply contract has been a source of contention between the two companies, with Cliffs having sued Essar, claiming that it has been in a continuous breach of the contract. Essar, meanwhile, has filed a counterclaim.
